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economictimes.indiatimes.com / 1 year ago
livemint.com / 1 year ago
livemint.com / 1 year ago
livemint.com / 1 year ago
Top stock picks today: MarketSmith India's stock recommendations for 13 March
Subscribe to enjoy similar stories. Current market price: ₹2,807 | Buy range: ₹2,750–2,830 | Profit goal: ₹3,240 | Stop loss: ₹2,590 | Timeframe: 1–2 months Current market price: ₹1,528.1 | Buy range: ₹1,500–1,535 | Profit goal: ₹1,760 | Stop loss: ₹1,415 | Timeframe: 1–2 months Nifty 50 ended flat for the second consecutive session after trading between 22,330 and 22,580. The index started the session on a muted note at 22,536 and continued to slide toward its key support level of 22,300.
However, it managed to recover some losses in the afternoon session and closed at 22,470. Market breadth remained weak, with the advance-decline ratio settling around 1:2. Among sectoral indices, IT, realty and metals closed in negative territory, while banks, auto, and pharma gained the most.
From a technical standpoint, the 14-day relative strength index (RSI) remains in the bearish zone, with its slope turning sideways, and is currently positioned around 40. The moving average convergence divergence (MACD) has shown a positive crossover and continues to trend below the central line. Also read | Bharti Hexacom: Airtel in a small pack Following O'Neil's methodology of market direction, MarketSmith India shifted the market status to ‘rally attempt’ from ‘downtrend’ last Thursday.
From here, we would prefer to see a follow-through day or Nifty scaling a new high before upgrading the market status to ‘confirmed uptrend’. On the flip side, if Nifty breaches its recent low of 47,841.30, the market status will revert to ‘downtrend’. Looking ahead, the 21-EMA remains a critical level to monitor, currently positioned around 22,650–22,700.
Read on livemint.comThe same topic in other media
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